My sister recently passed away and my 17 year old nephew is the beneficiary. I have been appointed his legal guardian by the probate court. Right now the insurance money has been placed in a restricted deposit guardianship account as instructed by the court. My nephew turns 18 in January but I don't want him to have access to all of the money at once. Once the money is released by the probate court may I have the funds placed in a trust fund?
2 Answers from Attorneys
No. 18 is the legal age of majority and he is entitled to it then. The only possibility is that if he is not competent as decided by a court, but that is a long shot.
Sorry, no you can not. However, you might talk with him about what the funds will be used for and perhaps take him to a financial advisor and see if he would be willing to invest a portion for future income.